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All day, mortgage rates were feeling pressure to move higher and then in the last two hours, the heat intensified. Many mortgage lenders are re-issuing rate sheets this afternoon to reflect the change in market dynamic.
Rates are pressured partly because of the ADP jobs report released earlier today. The report predicts that tomorrow's 120,000 estimated jobs created in June is way below the actual number.
Job creation --> Spending --> Economic Growth --> Inflation
The safe play right now is to lock your mortgage rate in ahead of tomorrow's 8:30 A.M. ET release. When you lock your rate, there is no losing scenario.
Dan Green (NMLS #227607) is an active loan officer with Waterstone Mortgage. Email Dan ator call 513-443-2020.
Bonus: Click to get a free, no-obligation rate quote. I love to work with my readers!
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